The New York Sale
Auction 35 7 January 2015
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BANKNOTES, CHINA Empire. Da Qing Bao Chao 2000-Cash, Year 9 (1859). Last date of the series. (Pick A4g). In PCGS holder graded VF30 Apparent, Stained, Edge Damage, one spindle hole on the top as is usual, edge damage on the left side, but the quality of the ink and seals is beautiful.
Due to the wars and rebellions, together with frequent floods along the Yellow River, the Qing government could not find enough silver for circulation and for expenses payments. As a solution they introduced the Da Qing Bao Chao series in Year 3 (1853). However, due to the terrible economic condition and limited confidence to the governmental financial plan, the new paper money was not widely accepted at the very beginning. Therefore, the notes devalued in daily transactions, whilst the the government, who issued these notes, had to accept the face value. Merchants started to purchase these notes in low prices and used them to pay taxes and governmental loans with face values, which caused problems for the central government. In Year 9 (1859), the government found no-one except themselves would accept the paper money; they stopped the project the same year.
Estimate: $ 800
Due to the wars and rebellions, together with frequent floods along the Yellow River, the Qing government could not find enough silver for circulation and for expenses payments. As a solution they introduced the Da Qing Bao Chao series in Year 3 (1853). However, due to the terrible economic condition and limited confidence to the governmental financial plan, the new paper money was not widely accepted at the very beginning. Therefore, the notes devalued in daily transactions, whilst the the government, who issued these notes, had to accept the face value. Merchants started to purchase these notes in low prices and used them to pay taxes and governmental loans with face values, which caused problems for the central government. In Year 9 (1859), the government found no-one except themselves would accept the paper money; they stopped the project the same year.
Estimate: $ 800